As business investors, we take a long-term approach to
investing. We believe the majority of market participants have a
short-term orientation, which creates attractive opportunities
to look beyond the next few quarters.
We only invest in businesses that are selling for significantly
less than our conservative estimate of their intrinsic value.
Incidentally, our definition of value does not exclude growth;
rather, we view growth as a driver and key component of a
company’s intrinsic value.